Discover the December surprise from the government that could boost your bank account!
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As the year winds down and the holiday season ramps up, there's a little-known financial surprise that could bring some extra cheer to a select group of Americans.
The government has announced what could be considered a “bonus track” for the month of December, a financial encore that could see eligible individuals ending the year with a bit more padding in their bank accounts.
Typically, Social Security payments are as regular as clockwork, allowing beneficiaries to plan their finances with precision.
However, this December brings an irregularity that's worth noting—a bonus Social Security check that could significantly increase the monthly amount for some recipients.
This is particularly noteworthy as it coincides with the increase from the Cost-of-Living Adjustment (COLA) for that extra payment.
Before you start planning how to spend this unexpected fortunate streak, it's important to understand that not everyone will receive this bonus check. There are specific criteria that must be met:
1. You must already have accepted Supplemental Security Income (SSI) beforehand.
2. You must have activated Direct Deposit, as this is the method through which the Social Security benefits are disbursed.
If you meet these requirements, you're in for a treat at the end of December. On the flip side, if you don't meet these criteria, you may still receive the payment, but it will arrive in January instead.
The timing of this bonus is quite unique. On January 1st, eligible recipients will see a payment of up to $967 as part of their regular Supplemental Security Income.
However, due to the payment schedule, there's an extra payment arriving on December 31st, which will actually be the first of next year's SSI payments.
The reason behind the increased amount in the December bonus check is the COLA increase announced by the United States Government last October, which is set to take effect in 2025.
The COLA is designed to help beneficiaries keep up with inflation and will add an extra 2.5% to the payments. Since the December 31st check is technically the first payment of 2025, it will include this COLA increase, resulting in a larger sum.
For those who are eligible and have a maximum check, the December 31st payment could reach the full $967.
It's a timely boost that could help cover holiday expenses or be put toward future plans. Remember, without Direct Deposit, you won't receive this check in December, but it will arrive shortly after.
As we approach the end of the year, it's a good time to review your Social Security and SSI arrangements.
Make sure your Direct Deposit is active and check if you're on track to receive the December bonus. If you're unsure about your eligibility or have questions about your benefits, now is the time to reach out to the Social Security Administration for guidance.
For those that haven't received their December payments yet, you might want to learn about your schedule through this story here.
Have you received a surprise bonus from Social Security in the past? Are you expecting the December bonus this year? Share your experiences and tips with our community in the comments below!
The government has announced what could be considered a “bonus track” for the month of December, a financial encore that could see eligible individuals ending the year with a bit more padding in their bank accounts.
Typically, Social Security payments are as regular as clockwork, allowing beneficiaries to plan their finances with precision.
However, this December brings an irregularity that's worth noting—a bonus Social Security check that could significantly increase the monthly amount for some recipients.
This is particularly noteworthy as it coincides with the increase from the Cost-of-Living Adjustment (COLA) for that extra payment.
The United States Government will be issuing an extra Social Security check in December for eligible beneficiaries, which is larger due to the COLA increase. Image source: Unsplash / Money Knack.
Before you start planning how to spend this unexpected fortunate streak, it's important to understand that not everyone will receive this bonus check. There are specific criteria that must be met:
1. You must already have accepted Supplemental Security Income (SSI) beforehand.
2. You must have activated Direct Deposit, as this is the method through which the Social Security benefits are disbursed.
If you meet these requirements, you're in for a treat at the end of December. On the flip side, if you don't meet these criteria, you may still receive the payment, but it will arrive in January instead.
The timing of this bonus is quite unique. On January 1st, eligible recipients will see a payment of up to $967 as part of their regular Supplemental Security Income.
However, due to the payment schedule, there's an extra payment arriving on December 31st, which will actually be the first of next year's SSI payments.
The reason behind the increased amount in the December bonus check is the COLA increase announced by the United States Government last October, which is set to take effect in 2025.
The COLA is designed to help beneficiaries keep up with inflation and will add an extra 2.5% to the payments. Since the December 31st check is technically the first payment of 2025, it will include this COLA increase, resulting in a larger sum.
For those who are eligible and have a maximum check, the December 31st payment could reach the full $967.
It's a timely boost that could help cover holiday expenses or be put toward future plans. Remember, without Direct Deposit, you won't receive this check in December, but it will arrive shortly after.
As we approach the end of the year, it's a good time to review your Social Security and SSI arrangements.
Make sure your Direct Deposit is active and check if you're on track to receive the December bonus. If you're unsure about your eligibility or have questions about your benefits, now is the time to reach out to the Social Security Administration for guidance.
For those that haven't received their December payments yet, you might want to learn about your schedule through this story here.
Have you received a surprise bonus from Social Security in the past? Are you expecting the December bonus this year? Share your experiences and tips with our community in the comments below!
